September 28, 2010
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http://www.invincible-inv.co.jp/eng/
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Yuji Kubo, CFO(Tel. +81-3-3272-7311)

Notice concerning Change of Terms of Existing Borrowings
Invincible Investment Corporation (INV) announces that it has decided to change part of terms ofthe existing borrowings as follows.

1. Reasons of change
Based on agreement with the following lenders, INV has decided to change the part of terms ofborrowings; “Term loan (Shinsei Trust & Banking Co., Ltd.)” disclosed in the press release titled“Notice concerning Change of Terms of Existing Borrowings” dated March 26, 2010 and “Termloan”, “24 individual credit loan” and “Term loan (D)” disclosed in the press release titled “Noticeconcerning Change of Terms of Existing Borrowings” dated June 28 2010. Details are asfollows.

2. Details of borrowings(1) Term loan (Shinsei Trust & Banking Co., Ltd.)
Before changea. Lender: Shinsei Trust & Banking Co., Ltd. (Note 1)
b. Borrowing amount: JPY 16,800 million (Note 2)c. Interest rate etc.
: 3.20154 % (from August 31, 2010 to September 30, 2010)
Variabled. Method of borrowings: Borrowing based on term loan agreement (includingchanges made thereafter) as of March 28, 2007
Mortgage / non guaranteee. Borrowing date
: March 30, 2007
f. Interest payment date
: Last business day of every monthg. Method of repayment: Part of borrowing (JPY 5,360 million (Note 2)) is repaid by1

h. Maturity date(Note 1)(Note 2)June 30, 2010 and the rest of borrowing is repaid in full on
the maturity date: September 30, 2010

Since loan credit based on the term loan agreement with the former lender, UBS Securities
Japan Ltd., was transferred of trust to Shinsei Trust & Banking Co., Ltd., the lender of thisloan is now Shinsei Trust & Banking Co., Ltd.
JPY 200 million out of this borrowing: JPY 25,800 million was repaid as of August 27, 2007
in accordance with the term loan agreement. Also, JPY 3,440 million of this borrowing
was repaid as of March 25, 2010 as disclosed in the press release titled “Noticeconcerning Repayment of Part of Borrowings” dated March 25, 2010. Furthermore, JPY
5,360 million was repaid as of March 31, 2010 as disclosed in the press release titled“Notice concerning Repayment of Part of Borrowings” dated March 31, 2010.
The “Borrowing amount” above is the figure after these repayments.

After change (only places changed)c. Interest rate etc.
: 2 month JPY LIBOR + 3.5 % (from October 1, 2010 toNovember 30, 2010)
1 month JPY LIBOR + 3.5 % (from December 1, 2010 toDecember 30, 2010)
Interest rate will be announced when decided.
f. Interest payment date : September 30, 2010, November 30, 2010 and the maturity
date
g. Method of repayment : The borrowing is repaid in full on the maturity date.
h. Maturity date: December 30, 2010
(2) Term loan
Before changea. Lenderb. Borrowing amountc. Interest rate etc.

d. Method of borrowings

e. Borrowing datef. Interest payment date:Aozora bank, Ltd. (agent)
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Resona Bank, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
The Musashino Bank, Ltd.
Shinsei Bank, Limited
The Chuo Mitsui Trust and Banking Company, Limited: JPY 11,317 million (Note 1): 2.70154 % (from September 1, 2010 to September 30,2010)
Variable: Borrowing based on term loan agreement (includingchanges made thereafter) as of November 19, 2009
Mortgage / non guarantee: November 24, 2009
: The first interest repayment date is December 30, 2009
and from this point forward until the maturity date, lastbusiness dates of every month and the maturity date are
the interest payment dates2

g. Method of repayment: Part of borrowing (JPY 35 million (however, March 30,
2010: JPY 31 million, April 30, 2010 and onwards(including April 30, 2010): JPY 29 million)) was repaid, andthe rest of borrowing is repaid in full on the maturity date
(Note 2)h. Maturity date
: September 30, 2010
i. Maturity date of partial : The first maturity date of partial repayment is December
repayment
30, 2009 and from this point forward until August 31, 2010
(including August 31, 2010), last business dates of every
month are the interest payment dates(Note 1)

(Note 2)

Regarding “term loan” above, part of borrowing was repaid on each of the maturity date ofpartial repayment.
JPY 35 million each: December 30, 2009, January 29, 2010 and February 26, 2010
JPY 31 million: March 30, 2010
JPY 29 million each: April 30, 2010, May 31, 2010, June 30, 2010, July 30, 2010 andAugust 31, 2010
Furthermore, based on the term changed below as of September 30, 2010, partial
borrowing (JPY 29 million) is scheduled to be repaid on September 30, 2010.
The “Borrowing amount” above is the figure after these repayments as of September 30,
2010 and the figure is rounded down to the indicated unit.
Based on the term changed below, the amounts of the partial repayments from September
30, 2010 are expectations as of today and may decrease due to the term loan agreement.

After change (only places changed)c. Interest rate etc.
: 2.69000 % (from October 1, 2010 to October 29, 2010)
Variableh. Maturity date
: December 30, 2010
i. Maturity date of partial : The first maturity date of partial repayment is Decemberrepayment
30, 2009 and from this point forward until November 30,
2010 (including November 30, 2010), last business datesof every month are the interest payment dates(3) 24 individual credit loan
Before changea. Lenderb. Borrowing amountc. Interest rate etc.

d. Method of borrowings

e. Borrowing date

: Aozora bank, Ltd. (agent): JPY 3,693 million (Note 1): 2.70154 % (from September 1, 2010 to September 30,2010)
Variable: Borrowing based on term loan individual agreement (24individual credit loan) (including changes made thereafter)with the lender above "a." as of November 19, 2009, inaccordance with term loan master agreement as ofNovember 19, 2009
Mortgage / non guarantee: November 24, 20093

f. Interest payment dateg. Method of repayment

h. Maturity datei. Maturity date of partialrepayment(Note 1)

(Note 2):

The first interest repayment date is December 30, 2009
and from this point forward until the maturity date, lastbusiness dates of every month and the maturity date are
the interest payment dates: Part of borrowing (JPY 9.5 million) is repaid on thematurity date of partial repayment and the rest ofborrowing is repaid in full on the maturity date (Note 2): September 30, 2010
: The first maturity date of partial repayment is December
30, 2009 and from this point forward until August 31, 2010
(including August 31, 2010), last business dates of every
month are the interest payment dates

Regarding “24 individual credit loan”, part of borrowing (JPY 9.5 million each) was repaid
on the maturity dates of partial repayments above.
Furthermore, based on the term changed below as of September 30, 2010, partialborrowing (JPY 9.5 million) is scheduled to be repaid on September 30, 2010.
The “Borrowing amount” above is the figure after these repayments as of September 30,
2010 and the figure is rounded down to the indicated unit.
Based on the term changed below, the amounts of the partial repayments from September
30, 2010 are expectations as of today and may decrease due to the term loan agreement.

After change (only places changed)c. Interest rate etc.
: 2.69000 % (from October 1, 2010 to October 29, 2010)
Variableh. Maturity date
: December 30, 2010i. Maturity date of partial: The first maturity date of partial repayment is December30, 2009 and from this point forward until November 30,repayment
2010 (including November 30, 2010), last business datesof every month are the interest payment dates(4) Term loan (D)Before changea. Lenderb. Borrowing amountc. Interest rate etc.

d. Method of borrowings

e. Borrowing date

:The Chuo Mitsui Trust and Banking Company, LimitedAozora Bank, Ltd.
Resona Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.
: JPY 11,338 million (Note): 1.70154 % (from September 1, 2010 to September 30,2010)
Variable: Borrowing based on term loan agreement (D) as ofFebruary 1, 2010 (including changes made thereafter)
Mortgage / non guarantee: February 3, 20104

f. Interest payment date:g. Method of repayment:

h. Maturity date:i. Maturity date of partial :repayment(Note)

The first interest repayment date is March 3, 2010 andfrom this point forward until the maturity date, lastbusiness dates of every month and the maturity date are
the interest payment dates
Part of borrowing (JPY 23 million) is repaid on the maturity
date of partial repayment and the rest of borrowing isrepaid in full on the maturity date
September 30, 2010
The first maturity date of partial repayment is March 30,
2010 and from this point forward until August 31, 2010
(including August 31, 2010), last business dates of every
month are the interest payment dates

Regarding “Term loan (D)”, part of borrowing (JPY 23 million each) was repaid on theMaturity dates of partial repayments above.
Furthermore, based on the term changed below as of September 30, 2010, partial
borrowing (JPY 23 million) is scheduled to be repaid on September 30, 2010.
The “Borrowing amount” above is the figure after these repayments as of September 30,
2010 and the figure is rounded down to the indicated unit.

After change (only places changed)c. Interest rate etc.
: 1.69000 % (from October 1, 2010 to October 29, 2010)
Variableh. Maturity date
: December 30, 2010
i. Maturity date of partial : The first maturity date of partial repayment is March 30,
repayment2010 and from this point forward until November 30, 2010
(including November 30, 2010), last business dates ofevery month are the interest payment dates

3. Future outlook
Regarding the impact on forecast of results for the 15th fiscal period ending December 2010
(January 1, 2010 to December 31, 2010), please refer to the press release titled “Noticeconcerning Revision of Forecasted Distribution for 15th Fiscal Period Ending December 2010”
as of today.

4. Others: for appropriate understanding of investors
In conjunction with these borrowings, as disclosed in the press release titled “Notice concerning
Note regarding the Going Concern Basis”, INV decided to make a note regarding the going
concern basis in the interim financial statements for the 15th fiscal period ending December 31,2010.
As a result, change of the “Investment risks” description in the latest securities report submitted
on March 30, 2010 is scheduled to be made.

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[For reference]
Borrowing amount outstanding after the repayment as of September 30, 2010
(Units: mn JPY, figures rounded down to a mn JPY)

Before repayment

After repayment

Short-term debt

26,411

26,350Long-term debt to be
repaid within one year

16,80016,800Long-term debt
Total debt
(Note)－－43,211

Balance-61－－

43,150-61

Amounts in “After repayment” above are the figures after partial repayments of the borrowings:“Termloan”, “24 individual credit loan” and “Term loan (D)” as of September 30, 2010.

Note: This English language notice is a translation of the Japanese language notice released on
September 28, 2010 and was prepared solely for the convenience of, and reference by, non-Japanese
investors. No warranties or assurance are given for its accuracy or completeness of this Englishtranslation.

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